- Exports of intermediate goods jump 21% in Q4 2021
- Manufacturing inputs such as metal structures, electrical conductors and medical and pharmaceutical products drove year-on-year growth to 31% in Q4
- Asian and African exports of industrial inputs to supply chains rose over 24%y-o-y
Exports of world intermediate goods jumped 21% in the fourth quarter of 2021, although growth lagged the 27% recorded in Q3 and the 47% in Q2, the World Trade Organization said in a report.
The United Nations agency said Asia and Africa were the top exporters of industrial inputs to supply chains.
WTO said trade in IGs, which range from crops used in food production to textiles and metals needed to produce goods, is an indicator of the level of activity in supply chains.
“Other industrial supplies”, comprising manufacturing inputs such as metal structures, electrical conductors and medical and pharmaceutical products, continued to be the key driver of growth, with a year-on-year increase of 31% in Q4, said the report released on May 25.
World exports of food and beverage products grew slightly less, recording 23% growth in the fourth quarter compared with 28% in the third. Ores and precious stones trade grew 10%, down from 13% in Q3 and 40% in Q2, mainly due to persistently declining iron ore prices.
Asian and African exports of industrial inputs to supply chains increased more than 24% y-o-y in Q4, while European exports of inputs grew 18%. North America’s IG exports grew 14.5%, largely driven by exports of soybeans to China, WTO said.
However, South and Central America saw IG exports slip 12%, mainly due to a drop in Brazilian exports of iron ores and soybeans to China.
China continued to be the fourth-quarter top IG exporter in terms of value, shipping out US$418 billion worth of products, the agency said.
Among the fourth quarter’s top 15 IG exporters, Belgium recorded the highest growth of 39%, followed by the United Kingdom at 34%. Malaysia joined the list of the top 15 with a year-on-year growth of 28%, with three-quarters of its domestically produced inputs shipped to Asian partners.
Top IG importers in Q4 in terms of value were China at $439 billion and the United States at $268 billion. Of the top 15 IG importers, India recorded the highest growth at 42%.
North America intensified its exports to Africa by 43% y-o-y in Q4, with its exports of soybeans increasing 20-fold and vaccines fourfold. Africa’s exports to Asia sustained their rapid rise, growing 45% in Q4, said WTO.
